“This is going to be the start of a very long period of deterioration of the economy, and the destruction of paper money.”

Today Egon von Greyerz told King World News, “… the paper shorts in gold and silver are going to have real problems.” Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “The short covering during the next few weeks and during this autumn is going to be massive.”

Here is what Greyerz had to say: “The real underlying figures (for the global economy) are still deteriorating. Just look at what’s happening in Europe now. A few days ago the eurozone GDP came out and it was down .2% for the quarter, and for the last twelve months it was down .4%. So Europe is suffering. But that’s just the beginning in my view.”

Egon von Greyerz continues:

“I wouldn’t be surprised over the next two or three years to see a fall of 10% in GDP in the eurozone, and in other countries also, the UK and US. Just take an example of commercial property in Italy. In the second quarter of this year there were (only) 2 commercial property transactions in Italy. This was against 56 in the previous quarter.